"It's not really corporate welfare to put us on the same playing field that our global competitors are on," Immelt said during a panel discussion on the future of American manufacturing with Boeing Chairman Jim McNerney and Dow Chemical Chairman Andrew Liveris.
The Export-Import Bank is facing a tough reauthorization fight in Congress.
Immelt, who also heads an outside economic advisory council for President Barack Obama, said the United States needed the nearly 80-year-old bank to compete against the European Union and China in global markets for aircraft and other products.
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